Zillow Advice: Refinance - Can I lower my mortgage rate ?

Phil, You got it! ... Too ...

Sat, 30 May 2009 00:35:00 GMT

Phil,

You got it! ... Too many folks see lower rates and what to go for it. They don't think like you! You got 19 years left on your mortgage. You have a fair portion of your monthly payment going toward reducing your principal now. And, it will only get better each following year.

Regardless what interest rate you have, your balance is low. A lower rate won't have the impact as starting over. ... Enjoy what you have. Life is good! .... Rudi

philvet66,To take advantage ...

Fri, 29 May 2009 20:24:00 GMT

philvet66,
To take advantage of the low rates you will need to refinance. You can ask the company that owns you current mortgage about modifications but those are rare.

What you are trying to accomplish with your lower rate? If you want to lower you monthly payment you may want to start a new 30 year fixed like Corona Nick suggested. But if you want to keep you current payment and still end up paying off your loan in 20 years or less, you may want to look into 20 or 15 year loans as Justin recommended. These guys are right in that if you already have a somewhat low rate, you should just pay more in principle. However, if you still have a high rate, you can always shop around for rates anonymously on Zillow Mortgage Marketplace.

What rate do you have now?? ...

Fri, 29 May 2009 01:55:00 GMT

What rate do you have now?? If its below 7%, keep it and pay more in principle... that will save you in interest. Unless of course you want a lower payment, that case, get a new 30Year....

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Fri, 29 May 2009 01:15:00 GMT

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you could look at a 20 year ...

Fri, 29 May 2009 01:08:00 GMT

you could look at a 20 year or 15 year loan...but with current rates and your loan amount....if you are paying anything less than 6% already, you are probably better off staying put.